SpaceX Stock Meltdown Wipes Out $28 Billion From Google's Portfolio
Google's investment in SpaceX has taken a significant hit due to the recent stock meltdown. The tech giant's portfolio value jumped from $4.02 billion in the prior quarter to $99.1 billion after SpaceX's blockbuster June IPO, with most of the increase coming from the inclusion of SpaceX as a marketable security.
However, since peaking above $225 shortly after the IPO, SpaceX shares have been on a slide, wiping out a significant chunk of Alphabet's paper gain. Marking the position to the market's most recent lows implies Alphabet's SpaceX stake is now worth closer to $66 billion, a roughly 30% haircut from the June 30 filing value in a matter of weeks.
The volatility is not over yet, as SpaceX shares are up double digits intraday Friday, clawing back some of the recent losses after bottoming near $115 on Thursday. However, most of Alphabet's SpaceX shares are locked up due to post-IPO sale restrictions and other long-term lockups, limiting how much this matters in the short term.